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Gross Domestic Product and Agriculture Value Added 1970–2019 Global and Regional Trends Gross Domestic Product and Agriculture Value Added 1970–2019

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Gross Domestic Product and Agriculture Value Added 1970–2019 Global and Regional Trends Gross Domestic Product and Agriculture Value Added 1970–2019 006X [Print] 0078 [Online] - - ISSN ISSN 2709 ISSN 2709 FAOSTAT ANALYTICAL BRIEF 23 Gross domestic product and agriculture value added 1970–2019 Global and regional trends Gross domestic product and agriculture value added 1970–2019. Global and regional trends FAOSTAT Analytical Brief 23 HIGHLIGHTS The global gross domestic product* (GDP) grew from USD 66.4 trillion in 2011 to USD 83.5 trillion in 2019, at an average annual rate of 3.0 percent. Over the same period, the global value added of the agriculture sector** rose from USD 2.8 trillion to USD 3.5 trillion, at an average rate of 2.9 percent. Investment in capital, measured by the share of the gross fixed capital formation (GFCF) in GDP, remained relatively stable, ranging from 24.1 percent to 25.7 percent between 2011 and 2019. The share of agriculture value added in GDP remained stable between 4.23 percent in 2011 and 4.27 percent in 2019. * All values in the paper are measured in 2015 constant USD. ** The agriculture sector includes agriculture, forestry and fishing. FAOSTAT DOMAIN NAME GLOBAL AND REGIONAL Global GDP increased by 3.2 percent annually on average from USD 18 trillion in 1970 to USD 83.5 trillion in 2019. However, during the last decade, its increase slowed a little to 3.0 percent annually on average, from USD 66.4 trillion to USD 83.5 trillion. Europe’s GDP growth rate of 1.3 percent in between 1991 and 2000 was the smallest during the whole period: this significant decrease is mainly due to the impact of the collapse of the Soviet Union. The drop in Africa’s GDP growth between 1981 and 2000 stems from a combination of internal conflicts, adverse weather conditions and a deterioration in the terms of trade, while the reduction experienced between 2011 and 2019 is largely due to the dramatic contraction of Libya’s GDP between 2013 and 2016. Throughout the 1970–2019 period, Asia showed the highest growth rate during each decade, sharing the top spot with Africa during the 2000s (Figure 1 and Table 1). Figure 1. Global and regional GDP, 1970–2019 90 80 70 60 50 40 30 USD USD 2015 trillion 20 10 0 1970 1977 1984 1991 1998 2005 2012 2019 Africa Americas Asia Europe Oceania World Source: United Nations Statistics Division (UNSD) and Food and Agriculture Organization of the United Nations (FAO) for the calculation of regional trends of macro indicators. Table 1: Regional growth rate of GDP, annual average (percent) 1971–1980 1981–1990 1991–2000 2001–2010 2011–2019 1971–2019 Africa 4.4 1.9 2.4 5.5 2.9 3.4 Americas 3.8 2.9 3.3 2.0 2.0 2.8 Asia 5.2 5.1 4.3 5.5 5.0 5.0 Europe 3.4 2.8 1.3 1.7 1.6 2.2 Oceania 2.8 2.8 3.5 3.1 2.5 2.9 World 3.9 3.3 2.8 3.0 3.0 3.2 Source: UNSD and FAO for the calculation of regional trends of macro indicators. Asia’s contribution to global GDP increased greatly from 32.3 percent in 2011 to 37.6 percent in 2019, with Eastern Asia (which includes China, Japan and the Republic of Korea) accounting for 25.1 percent of global GDP in 2019. Throughout this period, Europe’s share in world GDP shrank from 27.7 percent to 24.8 percent, and America’s share decreased from 34.9 percent to 32.5 percent. The contribution of Africa and Oceania to global GDP remained stable at 3.1 percent and 2 percent respectively (Figure 2). Gross domestic product and agriculture value added 1970–2019. Global and regional trends FAOSTAT Analytical Brief 23 Figure 2. Regional contribution to global GDP, 1970–2019 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1970 1977 1984 1991 1998 2005 2012 2019 Africa Americas Asia Europe Oceania Source: UNSD and FAO for the calculation of regional trends of macro indicators. World GDP per capita increased by 14.8 percent, from USD 9 459.0 in 2011 to USD 10 860.3 in 2019. Over the same period, Asia experienced the highest increase, of 35.3 percent, followed by Europe (11.3 percent), Oceania (6.8 percent), the Americas (9.0 percent) and Africa (5.6 percent) (Table 2). Table 2. Regional GDP per capita (USD) 1970 1980 1990 2000 2010 2019 Africa 1 244.9 1 455.0 1 424.4 1 402.3 1 939.3 1 983.7 Americas 13 475.8 16 407.2 18 490.6 22 251.4 24 279.5 26 793.0 Asia 1 346.5 1 799.7 2 431.9 3 194.7 4 840.2 6 863.6 Europe 7 821.7 10 239.3 15 607.2 21 041.3 24 448.8 27 691.0 Oceania 19 494.6 22 067.2 24 827.3 30 364.4 34 888.9 37 987.8 World 4 498.9 5 478.7 6 616.5 7 775.6 9 270.6 10 860.3 Source: UNSD and FAO for the calculation of regional trends of macro indicators. INVESTMENT DRIVES GDP GROWTH Investment in capital, measured by the gross fixed capital formation (GFCF), was a key driver of GDP growth globally. It increased by 416 percent, or 3.4 percent per year on average, thus more than the 3.2 percent average annual growth rate of GDP. Over the last decade, GFCF went up 34 percent from USD 15.97 trillion in 2011. (Figure 3). Figure 3. Global and regional gross fixed capital formation, 1970–2019 25 20 15 10 USD USD trillion 5 0 1970 1977 1984 1991 1998 2005 2012 2019 Africa Americas Asia Europe Oceania World Source: UNSD and FAO for the calculation of regional trends of macro indicators. Asia witnessed the highest increase in investment in the last decade, from USD 6.82 trillion in 2011 to USD 10.4 trillion in 2019, thus increasing the region’s share in global investment from 42.7 percent to 48.7 percent, with Eastern Asia alone accounting for 35.5 percent of global GFCF in 2019. The share of all the other regions in the world total decreased for the same period (Figure 4). Gross domestic product and agriculture value added 1970–2019. Global and regional trends FAOSTAT Analytical Brief 23 Figure 4. Regional contribution to global gross fixed capital formation, 1970–2019 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1970 1977 1984 1991 1998 2005 2012 2019 Africa Americas Asia Europe Oceania Source: UNSD and FAO for the calculation of regional trends of macro indicators. The investment ratio, which is the ratio of GFCF to GDP, remained relatively stable globally between 1970 and 2019, ranging between 21.8 percent and 24.8 percent. Overall, it is the lowest in the Americas, with an average value of 19.4 percent during the period and very small fluctuations. It steadily declined in Europe, while it kept increasing each decade in Asia and Oceania. Africa experienced a decline between the 1970s and the 1990s, but grew again during the 2000s and 2010s (Table 3). Table 3. Regional investment ratio (GFCF share of GDP), annual average (percent) 1970–1980 1981–1990 1991–2000 2001–2010 2011–2019 1970–2019 Africa 29.4 23.9 20.5 20.9 21.9 23.5 Americas 18.8 18.4 19.1 20.5 20.6 19.4 Asia 26.2 26.7 27.9 28.6 32.8 28.3 Europe 25.9 23.4 20.7 20.9 20.4 22.4 Oceania 17.2 19.5 19.8 24.9 25.9 21.3 World 23.1 22.1 21.8 23.0 25.0 23.0 Source: UNSD and FAO for the calculation of regional trends of macro indicators. THE SHARE OF AGRICULTURE VALUE ADDED IN GDP KEEPS DECLINING Global agriculture value added rose from USD 0.95 trillion in 1970 to USD 3.5 trillion in 2019, while the sector’s contribution to GDP fell from 5.3 percent to 4.2 percent (Figure 5). This relative decline was due to a faster growth of non-agricultural activities than agriculture. The sector, however, affects the quality of the environment and food security beyond what is captured by its contribution to the overall GDP. Figure 5. Global agriculture value added and contribution to GDP, 1970–2019 4.0 6% 3.5 5% 3.0 4% 2.5 2.0 3% 1.5 2% USD USD 2015 trillion 1.0 1% 0.5 0.0 0% 1970 1977 1984 1991 1998 2005 2012 2019 Agriculture Value Added Agriculture Value Added Share of GDP Source: UNSD and FAO for the calculation of regional trends of macro indicators. During the last decade, Asia was the main contributor to the global value added of agriculture, accounting for 61.8 percent in 2011 and 63.7 percent in 2019, driven by the contribution of Eastern Asia with 34.8 percent and Southern Asia with 16.7 percent in 2019. In contrast, the share of Europe significantly declined from 11.2 percent in 2011 to 9.5 percent in 2019. The changes to the contribution of other regions were more limited: from 10.7 percent to 11.5 percent for Africa, from 14.7 percent to 14.1 percent for the Americas, and from 1.6 percent to 1.2 percent for Oceania (Figure 6).
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